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September - Mickey Rooney: A Last-Minute Will
Mickey Rooney, who appeared in more than 300 films, was living in near poverty at the end of his life. Although he had enjoyed decades of success, his finances were controlled by others. Family members later alleged that millions of dollars had been misappropriated over a 10-year period.
Control over Rooney's finances and daily life
At the center of the dispute were Rooney's stepson, Christopher Aber, and Aber's wife, who were accused of managing — and exploiting — Rooney's financial affairs. According to legal filings, Rooney was isolated, pressured into making paid appearances and denied control over his own money while others benefited.
In 2011, Rooney sought court protection and requested a conservator, citing financial abuse. He later sued Christopher Aber for exploitation, alleging that he had been effectively confined and manipulated. Aber denied any wrongdoing but agreed to a $2.86 million settlement in 2013, which was reportedly never paid because of a lack of funds.
During this period, Rooney left that household and began living with another stepson, Mark Aber.
A new will under changed circumstances
Just over three weeks before his death, Rooney signed a new will, naming Mark Aber — the stepson he was then living with — and his wife as beneficiaries of the estate.
This will disinherited Rooney's surviving children and his estranged wife. Given the timing and surrounding circumstances, other family members raised concerns about undue influence and Rooney's condition at the time the document was executed.
When Rooney died in April 2014 at age 93, his estate was valued at approximately $18,000 — a stark contrast to his lifetime earnings.
Disputes after death
The conflicts that followed extended beyond financial matters. Initial disputes included where Rooney should be buried — an issue ultimately resolved by allowing his executor to proceed with burial at Hollywood Forever Cemetery, consistent with his stated wishes.
Rooney's children contested the will but later withdrew their objections. As with many estate disputes involving allegations of elder abuse, proving undue influence after death is difficult and often inconclusive.
Meanwhile, any remaining value in Rooney's name and likeness was limited. Despite his long and prolific career, much of his work predated modern royalty structures, reducing the estate's ongoing income potential.
The takeaway
Rooney's estate illustrates how control over a person can translate into control over their estate. Even when a will exists, questions about capacity, coercion and financial exploitation can undermine its legitimacy. Late changes made under uncertain conditions increase the risk of disputes and litigation.
Preventing these kinds of outcomes requires more than simply drafting documents. It requires oversight, transparency and, when necessary, independent safeguards such as conservators or trusted third parties.
An experienced estate planning attorney can help ensure that your plan reflects your intent — and remains protected from undue influence.
August - Things I Wish I Had Known Before I Retired
Certainly whether you will have enough money to retire securely is a question keeping many of those nearing retirement age up at night. In fact, according to a recent Retirement Confidence Survey, only 22% of those still employed and only 32% of current retirees feel confident that they have enough money saved to live comfortably in retirement.
And that's just the start. In addition to being financially secure, retirement also requires being emotionally and mentally ready to navigate uncharted waters. A well-lived retirement does not just happen. It’s something that requires years of preparation and planning. While it’s hard to predict what the future will look like, right now is the best time to start saving and planning so you’ll be able to step into retirement with confidence and excitement. Here are some retiree-approved lessons learned to help you avoid any pitfalls before and after retirement:
- Do you have a plan? The most successful retirees see themselves as stepping into a new life rather than stepping away from the one they knew. Work gives people a routine and a purpose, which is why it’s important to have a compelling reason to get out of bed every day once you retire. Test-drive a variety of sports, hobbies, leisure activities and maybe even new paid or unpaid employment before you retire. If you’ve been putting off traveling or going back to school, now is the time to make it happen.
- Are you thinking about where you want to live? While the sunny skies of Florida or Arizona may be luring you away from your snow shoveling in colder weather, you may want to reconsider. For many people, living close to family and friends is key to having a happy social life. If you live too far away, you may start to feel lonely and disconnected from your loved ones. If possible, take an extended trip to any area you are considering and see whether it’s the right move for you. Make sure that you can financially handle the cost of living in an area you have fallen in love with.
- Is your nest egg big enough for you to retire? Many people make the mistake of thinking they don’t earn enough money to save for retirement. This misconception can lead to missed investment opportunities. If this describes you, don’t despair; you can still make catch-up contributions. For example, the IRS allows those 50 and older to contribute an additional $1,000 to a traditional individual retirement account on top of the standard $7,000 limit. This may seem like a modest increase, but over time it can have a significant impact on your retirement savings. If you are self-employed and over 50, know that you can contribute an extra $3,500 above the $16,500 limit. If your employer manages a 401(k) account, you can add an additional $7,500 to the annual limit of $23,500 to accelerate growth. (The IRS may adjust these limits, and there are additional rules governing these catch-up provisions, so be sure to talk to a financial professional before making assumptions.)
- How can you prepare for the unexpected? Prior to retiring, make any necessary repairs to your home and vehicles so that everything is in good order when you retire. Home and auto repairs and maintenance are expensive and can take a big chunk out of your retirement savings. Don’t forget to factor in auto, home, life and medical insurance, as these expenses unfortunately do not vanish in retirement. It might be wise to set aside a rainy day fund to pay for unexpected emergencies.
Knowing now what to expect in retirement gives you the opportunity to prepare and plan for a purposeful life. Making your financial, emotional and mental readiness a top priority while you are still working will provide you with an almost stress-free retirement. Good luck with your new beginning.
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